Income Tax Assessment Act 1997

CHAPTER 4 - INTERNATIONAL ASPECTS OF INCOME TAX  

PART 4-5 - GENERAL  

Division 775 - Foreign currency gains and losses  

Subdivision 775-E - Retranslation for qualifying forex accounts  

Operative provisions

SECTION 775-270   You may choose retranslation for a qualifying forex account  

775-270(1)    
You may choose retranslation for a *qualifying forex account held by you.

775-270(1A)    

A choice under subsection (1) does not apply to a *qualifying forex account held by you if a *foreign exchange retranslation election by you is in effect in relation to the account under Subdivision 230-D .

775-270(2)    
A choice must be in writing.

775-270(2A)    
If:

(a) either:

(i) you make a choice within 30 days after the commencement of the New Business Tax System (Taxation of Financial Arrangements) Act (No 1) 2003 ; or

(ii) you make a choice within 90 days after the commencement of Part 1 of Schedule 1 to the Tax Laws Amendment (Taxation of Financial Arrangements) Act 2009 ; and

(b) the choice is expressed to have come into effect on a specified day; and

(c) the specified day is included in the period:

(i) beginning on 1 July 2003; and

(ii) ending on the day on which the choice is made;

the choice is taken to have come into effect on the specified day.

775-270(3)    
A choice continues in effect until:

(a) you cease to hold the account; or

(b) the account ceases to be a *qualifying forex account; or

(c) a withdrawal of the choice takes effect;

whichever happens first.

Note:

For withdrawal of choice, see section 775-275 .